Depreciation allows landlords to claim a portion of a property's construction or improvement costs each year as a tax deduction, even without spending money in that year. In the US, residential rental property is typically depreciated over 27.5 years. In Australia, the building itself can be claimed at 2.5% per year under the Capital Works deduction. The UK does not permit depreciation of residential property but does allow a Replacement of Domestic Items Relief for furnished lettings. A quantity surveyor or tax professional can help determine what is claimable in your situation.